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Southeastern Companies, Inc. 401(k) Plan
Southeastern provides clients with an affordable multiple employer 401(k) plan. The plan allows clients customizing options to meet their specific organizational and financial needs.
What is a 401(k) Plan?
A 401(k) plan allows employees to plan and save for retirement, by investing a portion of their income on a pre-tax basis. Money saved now will be taxed later at a presumably lower rate.
Why offer employees a 401(k) plan? Saving for retirement:
In the past, pension plans and social security benefits were the main source of income for retirement, however, many people today do not have access to a traditional pension plan, and the future of social security is uncertain.
You may also want to offer a 401(k) plan to your employees for the following reasons:
- Employee retention
- Reward employees for service
- Employee Incentive/Profit sharing
- Complement company’s benefit package
Why should clients participate in the Southeastern 401(k) Plan?
- It is significantly less expensive then a client sponsoring a single employer plan
- Southeastern assumes full responsibility for plan documents and compliance
- Southeastern provides all administrative support and customer service for the plan
- Southeastern assumes testing responsibilities and fiduciary liability for the plan
What options does the client have in the plan design?
The client can tailor key parts of the plan to fit their organization:
- Eligibility Requirement Options
One Year of Service (1000 hours of service in a 12 consecutive month period) OR
Select how many months of service you want up to, but not exceeding 12 months OR
One hour of service AND
Attainment of age 21
You may elect Grandfathered Eligibility to waive the eligibility requirements for those employees who are actively employed with you at the time you adopt the Southeastern Companies, Inc. 401(k) Plan.
- Employer Contribution Options
No matching contributions to the plan OR
Discretionary Matching Contributions OR
Profit Sharing Contributions with your choice of crediting formula: Pro-rate, Integrated or Cross-Tested AND/OR
Safe Harbor contributions
What investment options are available to my employees?
There are 44 investment options ranging from conservative to very aggressive offered through Hartford Life as follows:
Eaton Vance Worldwide Health Science
Davis Financial
Eaton Vance Utilities
Oppenheimer international Growth
Templeton Foreign
Janus Adviser Worldwide
AIM Small Cap Growth
MFS New Discovery
Goldman Sachs CORE(sm) Small Cap Equity
T. Rowe Price Small Cap Stock
Fidelity Advisor Value Strategies
Goldman Sachs Small Cap Value
Franklin Balance Sheet
Franklin Small-Mid Cap Growth
Davis Opportunity
Hartford Capital Appreciation HLS
Lord Abbett Mid-Cap Value
Janus Twenty
MFS Strategic Growth
American Century Ultra
Fidelity VIP II Contrafund
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Oppenheimer Capital Appreciation
Federated Capital Appreciation
PIMCO Renaissance
Mutual Shares
Hartford Index HLS
AIM Basic Value
American Century Income & Growth
Hartford Dividend & Growth HLS
Janus Balanced
Federated International High Income
Hartford High Yield HLS
Lord Abbett Bond-Debenture
PIMCO Total Return
Hartford Bond HLS
Janus Adviser Flexible Income
Goldman Sachs Government Income
Hartford Money Market HLS
T. Rowe Price Pers. Strategy Growth
Franklin Templeton Conserv. Target
T. Rowe Price Pers. Strategy Balncd.
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How do your employees benefit:
- Employees, who have met the clients’ selected eligibility requirements, may enroll in the plan on the first day of any calendar quarter: January 1, April 1, July 1 or October 1.
- Plan participants may increase or decrease the amount that they are contributing on the first day of any calendar quarter. They may stop their contributions at any time.
- Plan participants have unlimited transfer capabilities between funds free of charge via Hartford Life at 800-339-4015 or online at http://retire.hartfordlife.com.
- Plan participants may borrow up to $50,000 or half of their vested account balance through the plan’s loan feature.
- Plan participants may withdraw from their account in the event of 1) retirement, 2) termination of employment, 3) death, 4) disability, or 5) financial hardship.
- Employee deferrals/contributions are always 100% vested.
- Company contributions, if any, are subject to a 6-year graded vesting schedule.
- Daily valuation of funds.
- Plan participants will receive quarterly statements and newsletters.
Retirement Plan Consultant:
John Monte CLU
JMI Group
3490 East Lake Rd Suite B
Palm Harbor, FL 34685
727-771-1200
727-771-6088 FAX
john@montefinancialservices.com
Investment Platform:
Hartford Life Insurance
Hartford, Connecticut
401(k) Plan Compliance:
American Pension Services
Tampa, Florida
401(k) Plan Administrator:
Southeastern Companies, Inc.
Tampa , Florida |
